Comments On: Taxes, Republicans and and obedience to Norquist
by Max Brantleyhttp://www.arktimes.com/ArkansasBlog/archives/2012/11/20/taxes-republicans-and-and-obedience-to-norquist
Comments On: Taxes, Republicans and and obedience to Norquist
by Max Brantleyen-usCopyright 2016 Arkansas Times. All rights reserved. This RSS file is offered to individuals, Arkansas Times readers, and non-commercial organizations only. Any commercial websites wishing to use this RSS file, please contact Arkansas Times.robert@arktimes.com (Arkansas Times Webmaster)Fri, 09 Dec 2016 00:00:01 -0600Fri, 09 Dec 2016 21:30:00 -0600Foundationhttp://blogs.law.harvard.edu/tech/rss
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couldn't be better]]>
Tue, 20 Nov 2012 18:16:22 -0600Arkansas Times
1. Only THREE PERCENT of the very rich are entrepreneurs.

According to both Market watch and economist Edward Wolff, over 90 percent of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), personal business accounts, the stock market, and real estate. Only 3.6 percent of taxpayers in the top .1% were classified as entrepreneurs based on 2004 tax returns. A 2009 Kauffman Foundation study found that the great majority of entrepreneurs come from middle-class backgrounds, with less than 1 percent of all entrepreneurs coming from very rich or very poor backgrounds.
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6. Tax deductions for the rich could pay off 100 PERCENT of the deficit.

Another stat that required a double-check. Based on research by the Tax Policy Center, tax deferrals and deductions and other forms of tax expenditures (tax subsidies from special deductions, exemptions, exclusions, credits, capital gains, and loopholes), which largely benefit the rich, are worth about 7.4% of the GDP, or about $1.1 trillion.

Other sources have estimated that about two-thirds of the annual $850 billion in tax expenditures goes to the top quintile of taxpayers.